LockBit is a type of ransomware that targets organizations by encrypting their files and demanding a ransom for the decryption key. It is known for its speed and efficiency, allowing attackers to quickly compromise systems and spread throughout networks. This ransomware operates on a "Ransomware-as-a-Service" model, meaning that its developers provide the tools and infrastructure for other cybercriminals to carry out attacks. Victims are often threatened with the public release of sensitive data if they do not pay the ransom, making it a significant concern for businesses and institutions worldwide.